Embedded Finance Review

Why Embedded Finance Wins Where Banks Can't Reach, with Tom Sellin from Airwallex

Tom Sellin has a way of explaining how Airwallex's embedded finance offering works. He uses a Lego set. You have all the pieces: wallets, cards, payouts, and FX. The platform or fintech on the other side decides what to build. A small car. A rocket ship. Just one piece if that is all they need. The point is that you are not buying a finished product. You are choosing which building blocks to plug into your own. Tom is the first person on the ground building Airwallex in Germany. The company has 26 offices, 85 licenses, and infrastructure that already powers companies like Moss and Navan. His job is to make sure German platforms and fintechs know that infrastructure exists and can use it. In this episode, we talk about how Airwallex's embedded finance layer actually works, who is already using it and why, what the build versus buy decision looks like when you need to move money across 150 countries, and what it takes to bring a global fintech into a market where 80% of SMEs still bank with their house bank. Connect with Tom on LinkedIn: https://www.linkedin.com/in/tomsellin/ About Embedded Finance Review: I'm Lars Markull, founder of Embedded Finance Review, a newsletter, podcast, and event series covering the European embedded finance ecosystem. If you're exploring embedded payments, banking, or lending for your platform, I offer free intro calls where I share honest feedback and connect you with the right providers and partners. Book a call at https://www.embeddedfinancereview.com/. This episode was produced by https://orama.tv/(00:00) Intro(02:23) Tom’s Career Dots(02:41) Rocket Internet Beginnings(03:15) PayPal and Braintree Growth(04:16) Clearpay Leadership Lessons(04:43) Why Airwallex Germany(06:15) Germany Localization Reality(07:35) House Bank Culture(10:05) Airwallex Platform Overview(11:35) Ideal Customers and Use Cases(19:17) Embedded Finance Lego APIs(29:02) Germany Roadmap and Wrap

What Software CEOs Get Wrong About Embedded Finance, with Jane Podbelskaya from Charge Forward

Jane Podbelskaya does in North America what I do in Europe. She advises software companies and investors on embedded finance, runs a media platform called Charge Forward, and spends most of her time translating the world of fintech for software executives who know their vertical inside out but have never heard of a payfac or an attach rate. In this episode, we compare notes across continents. We talk about how VC and PE funds are actually thinking about embedded finance today, six years after Angela Strange said every company will be a fintech company. We get into why embedded finance is increasingly an antidote to AI disruption rather than a casualty of it, what the data advantage of vertical SaaS really means in practice, and where North America and Europe are at different stages of the same journey. Jane also shares the framework she uses with software CEOs from day one: how to assess whether embedded finance makes sense for your business, where to start, and how to avoid the most common vendor-selection mistakes. Connect with Jane on LinkedIn: https://www.linkedin.com/in/jane-podbelskaya-841426/ This episode is sponsored by Hopae, the identity infrastructure layer connecting government identity systems worldwide so businesses can verify users across markets through one single API. Check them out at hopae.com. About Embedded Finance Review: I'm Lars Markull, founder of Embedded Finance Review, a newsletter, podcast, and event series covering the European embedded finance ecosystem. If you're exploring embedded payments, banking, or lending for your platform, I offer free intro calls where I share what I know, give honest feedback, and connect you with providers I trust. Book a call at embeddedfinancereview.com. This episode was produced by https://orama.tv/ (00:00) Start(02:12) Welcome and Guest Introduction(03:30) Shopify Spark and Fintech Investing(07:25) Why Education Is the Gap(11:03) Beyond Payments More Products(12:11) VC View After the Hype(14:42) Why Investors Care About It(17:40) Building the Product Roadmap(20:58) Vendor Trends Fragmentation(25:07) AI Moat With Embedded Finance(29:08) Europe vs North America Differences(31:00) Framework and Closing Advice

From E-Commerce to Morocco's First Licensed BaaS with Ismael Belkhayat from Chari

Three years ago, a Moroccan e-commerce startup approached every bank in the country to request Banking-as-a-Service. None of them understood what APIs were. So the founders went to the central bank, obtained a payment institution license, and built the entire tech stack themselves. In this episode, I speak with Ismael Belkhayat, CEO and co-founder of Chari, a Y Combinator-backed fintech that has become Morocco's first VC-backed company with a full payment institution license. What started as a B2B marketplace for small retailers has evolved into both a merchant super app and a Banking-as-a-Service platform serving third-party clients across Morocco. We talk about why Moroccan banks couldn't deliver what they needed in 2022, what it actually takes to build a licensed fintech stack from scratch (core banking, card management, payment gateway, everything), how they're positioning as both an operator and infrastructure provider, why they chose to build in-house rather than use providers like Temenos, and why European fintechs should think about Morocco as their next market. Guest: Ismael Belkhayat on LinkedIn: https://www.linkedin.com/in/belkhayat/ About Embedded Finance Review: I'm Lars Markull, founder of Embedded Finance Review, a newsletter, podcast, and event series covering the European embedded finance ecosystem. If you're exploring embedded payments, banking, or lending for your platform, I offer free intro calls where I share what I know, give honest feedback, and connect you with providers I trust. Book a call at embeddedfinancereview.com. Our next in-person event is on April 15th in Berlin as an official FIBE side event. Details on our website. This episode was produced by https://orama.tv/(00:00) Intro(01:48) Host Intro and Welcome(02:53) Chari Story And Pivot(05:57) Merchant Super App Stack(10:34) Airtime Top Ups To Wallets(15:17) Regulator Backing Inclusion(17:21) Why Build In-House(21:17) Renault, not Ferrari Stack(21:44) Balancing Three Models(24:47) Bolt Case Study Rails(30:13) Expansion Advice Wrap Up

Embedding Debt Collection into the Fintech Stack with Matteo Benedetti from Debtist

Most platforms building embedded finance start with payments. Lending often comes next. What happens when invoices don't get paid is almost always the last thing on the roadmap — and for many SMEs, one of the most painful experiences. In this episode, I speak with Matteo Benedetti, co-founder and CEO of Debtist, a digital debt collection provider based in Berlin. Debtist embeds collection directly into vertical software platforms and marketplaces, so SMEs can recover unpaid invoices without ever leaving the tool they already use. In just over two years, Debtist has built close to a dozen embedded partnerships, reached €12M ARR, and is already profitable. In this episode, we cover: * How embedded debt collection actually works and what the user journey looks like inside a vertical SaaS * Why the same platforms that rejected Debtist in 2024 are now coming to them * How Debtist built their entire tech stack in-house and why that turned out to be the right call * The pricing model behind embedded collection and how platforms can monetise it * What it takes to build a profitable fintech from day one as a penny pincher Connect with Matteo on LinkedIn: https://www.linkedin.com/in/matteo-benedetti/ About Embedded Finance Review: Embedded Finance Review is a newsletter, podcast, and event series covering the European embedded finance ecosystem. We offer Office Hours, free intro calls for companies navigating embedded finance, and our next in-person event takes place on April 15th in Berlin as an official FIBE side event. Find all details at embeddedfinancereview.com. This episode was produced by https://orama.tv/(00:08) Intro(01:44) Meet Matteo Benedetti(02:11) Debt Collection in Embedded Finance(03:26) How Embedded Collections Work(04:56) User Flow Inside Vertical SaaS(07:46) The 10 Step Collection Process(10:26) Pre Court vs Court Escalation(12:11) Why Debtist Went Embedded(14:55) Platform Demand Is Shifting(18:01) Building Tech and Pricing Model(23:03) Profitability Advice and Wrap Up

Why Otto Built a 250-Person Payments Company for Its Marketplace

"At a certain scale, payments isn't a cost factor anymore. It becomes a strategic capability." In this episode, I speak with Christin Burmeister, Head of Product at Otto Payments. Otto is Germany's second-largest e-commerce marketplace with €7 billion GMV, 12 million active customers, and 6,000+ merchants. They started 70 years ago as a catalogue company and successfully transformed into a digital marketplace, building their own 250-person regulated payments entity to run it. Before joining Otto, Christin spent 11 years at Zalando Payments, where she helped build their payments unit from the ground up. When we talk about large retailers building in-house fintech units, she has done it twice. Key topics: * Why Otto decided to build payments in-house rather than use third-party providers * How invoice and instalment payments shape customer behaviour * Managing merchant fraud risk on a marketplace * Otto's move into embedded lending with Banxware * What it really takes to maintain a BaFin license --- I'm Lars Markull, host of the Embedded Finance Review Podcast. I also write a weekly and monthly newsletter and host online and offline industry events. If you're building in embedded finance, I offer free office hours calls: https://www.embeddedfinancereview.com --- This episode was produced by https://orama.tv/(00:00) Start(01:44) Introduction and Greetings(02:19) Introduction to Otto Payments(02:51) Otto's Transition to E-commerce(04:46) Otto Payments Overview(05:33) Building Otto Payments In-House(08:38) Operational Structure of Otto Payments(19:14) Risk Management and Fraud Prevention(24:50) Collaboration with Banks(32:08) Market Trends and Future Prospects(36:34) Conclusion and Contact Information